Earnings call transcript Q3 2023

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Operator

Good day, everyone, and welcome to the Patriot Transportation Holdings, Inc. Earnings Call for the Third Quarter. At this time, all participants have been placed on a listen-only mode and we will open the floor for your questions and comments after the presentation.

It is now my pleasure to turn the floor over to your host, Rob Sandlin, CEO and President of Patriot Transportation Holdings, Inc. Sir, the floor is yours.

Rob Sandlin

you your being interest thank today the and for and in afternoon, all on for call Good Patriot Transportation. Sandlin, Rob am CEO Transportation. Patriot I of And Accounting Officer. Financial our Officer; with Matt John and and Chief Chief Operating me Chief our Klopfenstein, are today Officer, McNulty,

during into are, made to by uncertainties subject risks call we their any get caution that that to those indicated statements. from forward-looking and actual materially events results, nature, differ our Before that results could me relate let you such statements this future and cause the to by

Additional uncertainties Commission. information filings in regarding with these be company’s and other risk factors the Exchange may and the and Securities found

third business rate per increased quarter, due to Operating revenues $X,XXX,XXX the XXXX, same miles June the net XX, and quarter year. last results, quarter per share reported driver mainly quarter to were last year quarter company improved income or or $XXX,XXX Miles in $XX,XXX,XXX, third up ended increases, For compared year’s count. same of increased the the $X.XX today, improving over share last from quarter for mix. this the to due $X.XX for $XXX,XXX an XXX,XXX quarter the

last operating quarter compared compared to and $XXX,XXX down increase year’s increased quarter $X,XXX,XXX, in equipment $XXX,XXX was was sale mainly owner due gain in surcharges benefits on the mile package, $X,XXX,XXX X.X% quarter in per operators. increased of year’s the quarter. the an or compensation same $X.XXX count last year same including in reflected revenue Operating lower driver diesel last pay cost. in fuel was due year’s and and Compensation profit an versus versus fuel third lower training increase to which of The $XXX,XXX to was last $X.XX this on prices, million driver less quarter. $XXX,XXX to Gains

same period taxes. results. gains estate share nine $X,XXX,XXX included to last the the from to months of $X.XX per year, net on The compared income $X,XXX,XXX $X,XXX,XXX of reported or which in on company real Now income net

versus period rate the increases, increased an Operating for per of was the $X,XXX,XXX year’s and Operating miles for to year’s improved increases last $XX,XXX,XXX, X.X%, revenue $X,XXX,XXX the to the mile increase same period. or including revenue driver benefits versus and compensation, period Compensation was up miles an mix. pay $X.XX business increased in $XXX,XXX owner and and driver last increase due in $XXX,XXX due operators. to increased increases a training period in

Insurance due decreased to on the Gains expense $XXX,XXX last was equipment prices. to Fuel decreased losses period same to risk in was $XXX,XXX period and of claims sale fuel for versus lower $X,XXX,XXX $XXX,XXX health year. $XXX,XXX year. declining and and same last expense period due the the lower compared depreciation

Operating Operating the bonus mainly first estate Prior nine period real Tampa nine to our the was increased $XXX,XXX terminal. of $X,XXX,XXX $X,XXX,XXX due XX.X%. the to due SG&A and during months. was was for to year on sale $X,XXX,XXX ratio compared profit increased travel. accrual months last for year’s gain

the and summary for Now outlook.

fiscal new of drivers, us business which customers add to added and XXXX, months first Over with our we increase nine the and XX miles. existing allowed

growth customer are base. volumes allow our While expand we future will softer expected, been to our into efforts and current confident summer that our partnerships have petroleum than with continued cement the

business third and of with We had customers at $X,XXX,XXX the allow existing investment. of will all will return on our us end to continue focus new of that the outstanding debt. quarter improve our no in to segments We cash our growth with

of result and We We provide and units tractors with are better the use XX replace with a company our will year. have will will XX tractors. leased added company-owned good tractors XX cash. new during XX our replacing financial tractors believe tractors leased is replacing a company-owned

continue hiring focus on driver to retention. We and our

While miles count fiscal September this during the increased The to our the final the continue the increased fiscal year which year, as well training challenging, and year period. driver – allowed positions add hiring to results us complete us the market we look improve XXXX. driver throughout driver believe we is our costs count still year to increased, but in during

During have year one seniority. the pay among driver year – results of lower drivers previous turnover due more with to increases, previous or been our

our on balance hiring of markets, of with general a In we recruiting more owner has and us company However, year we rates and in drivers. our turnover and have will declining reached The goal and in continued higher-than-acceptable associated see we first operators several to and allowed have to some freight driver continue still monitor driver. back add our cut spot trend training. markets,

However, a closely for basis. we monitor needed will adjustments to plan weekly our each location on

am related target In closing, mixes, preventable product efforts year you I we expenses staying while check finish customer are customer our Thank proud look of will company, will exception and our happy quality questions. be focused our with safety the the and again thus to safety far to keep the strong. XXXX goals on to fiscal your for service for in service. our of on year and and performance also continue incidents we team’s answer and in any in interest

Operator

from time, [Operator is coming we’ll at Steve Instructions] from this a be session. Blackwell. conducting Your question-and-answer first Rudd question Certainly. Everyone,

is line live. Your

Steve Rudd

do for landscape for want forest a overall the moment. the thanks sense the update on bit – focus at you industry? guys, and I a to Can fairly I what trees. give a a for is your solid the Hi have competitive normally look just me quarter. of I

you or a business have to demand, up. being to you folks of do a direction. When who are head to give an you broad me a years gives where to Do different or the to the two as little give you driver only and scale see you industry such as that. a let of the be mean take background I increased maybe count competitors? as level But still advantage ago to want view year left just what one years increased, had in then of standing. and exiting therefore, because it it seems us I we out picking just back And of decreased

Rob Sandlin

Okay.

me know our – back where go let business don’t downsizing because I’ll I that was there less was So started. to you opportunity.

downsized out we Our then out, markets just downsizing And was the could driven wanted. in really large more some because was that hire our were of return those it where make profit to we wasn’t in and by where the wasn’t working we customer inability the make markets. and that relationship we working a one drivers

of took driver for really was out of the of main during lot less main But downsizing. the think a COVID, some Obviously, has there come as those was couple things And and were downsizing – that the business I that place. business that while pandemic. we’ve was our so there returned

what’s one the hard to speak to of the space, this to if with in – the for really few, I space. it’s in think only in certainly us public marketplace company not I because this going competitors don’t happen we’re really totally

of right to like. and their hard sheet balance an look balance for sheets X%-plus because capital us and or what profits what so And and debt know of of brunt a to what trailers compared couple not that a is in now the two think along our us have percent to with increased have tractors advantage to interest price I their ago. no cost increased bear year with it’s to X.X%, having paying,

probably So bodes us. that I think well for

perfect. it’s out I not It’s driver a think marketplace standpoint, shortage a the better, there. competitive from but there’s still

a so And cost it there’s acquisition lot as driver. the relates that of to added of

pressure of up to able lot in marketplace. And keep to cost so be for a there’s us the prices

you’re and was CPI food what with you’re X.X% last energy that – and So dealing from that with standpoint, plus, inflation less dealing a still month.

bodes out ahead And as I the as I that pricing the well ask typically, anything go back market in didn’t on So cover. me something there, if left and far so. just

Steve Rudd

Okay. Sure.

I covered question. my you framing I the looking some I’m what it out think left don’t of think and just for think you I of

business XX%, electric are petroleum. but the that’s – one still coming, is how – going is So is one for things to oh, demand gosh, of it’s transportation might of the depending and petroleum think world, And the view interest of think, decrease. of I you vehicles your one the on might

probably correct. that’s think I

of to carry folks in headed we for. be even of position are a other are must carried. I’m remaining that where light decrease that a petroleum potential in However, the not demand, just what That’s there

Matt McNulty

needed. I is always think petroleum what – you’re think I to yes. I going be that saying mean, there’s

far by still hurt we run competitors in just they well-positioned we decline potentially pick a other but folks and their feel so here demand up the Yes, for predict, to the not market we’re out hard their that be to of listening because us to the falling could share. business. And long-term can but like other that’s there’s by way

seen, in But haven’t seen of way done There’s for electric companies. typically we really there’s we haven’t run know or had competitors. and certain we decline we to out yet. haven’t We’ve a of rash markets in is seen debt significant our closures places. lot any no But trucking anybody to especially vehicles moving smaller people involved seen of kind what gasoline a in like due of of

no we going that’s to fruition. if come and know have And way so to to when really

Rob Sandlin

continues electric to I going How add to – would are moving to there. that that the Florida, Carolinas. vehicles population Georgia, in people that have that’s United to Southeastern Tennessee, grow, we’re the States. we is thing as know Steve One certainly, quickly are And

a think we good pretty So market-wise, we’re spot. in

that lot materials, for And in time or to demand product know with into some and that a we’re dry offering future, point going Certainly, also near-term of that’s have reason. declines I But chemicals. spending see form some some in at don’t deal our to to to trying our we’re why bulk fashion. all we’re water diversify the that going

we to so continue that. do And will

as forward. petroleum quite that high percentage maybe isn’t So going

Steve Rudd

part noticed over Okay. sense years. comments. to of and next your of question few the the a lot And last that earlier The I getting certainly that is makes

some revenues you petroleum than – and What were yes. lower happened cement expected. some that [indiscernible] said You mentioned

Rob Sandlin

Number June, torrential of raining couple in We’ve day. just Well, I of think rains yes. had our throughout two one, marketplace. we just seen weeks every We – horrible and a had things. downpours

because It your that cement people as business business producing And impact they’re for going impacts that concrete your aren’t are much. an has jobs on there. traveling not because these petroleum on out also so

that saw we was kind which in So unusual. of June,

with starts had business as cement been as down on. projected housing early not has robust we just The

hauling not miles we’re so those hitting last year. And revenue at products certainly in did we that the time this

network. nothing so a customer, softer been just – than tell just looks whole a And me soft. you customer by like would little I had summer big ongoing we it’s it has and it’s just just that’s deal. It’s the been to across that really the hoped

Steve Rudd

– Go right sorry. All ahead. I’m Okay.

Rob Sandlin

We’re good now. busy right

great. that’s So

Steve Rudd

know I and I than but be, the pretty good. it mean it would is net was the pretty number thought numbers It good. less revenue I was

– my think when classified in ask just ahead. Was Yes. an to that to let gross training count, incremental And driver costs or me want I favorite question, I the Let get number? the number start $XXX,XXX pay. was Go me with. you as training

Matt McNulty

you that increase He we the quarter in much spent same that third was last than year incremental last the period third the giving from we this quarter. did more

Steve Rudd

I quarter, of Okay. last a now, last goal XXX. the identified a moved goal with on you mean. the has quarter, – at time the if count at of call X wonder last we think quarter I all. We ended And where And are think May conference but and well, we driver you the ended year’s and had not of your XXX with I that

Rob Sandlin

Yes.

pulled see market because do. got hiring there, But we on markets number but we’ve made And quite a to back saturated and XXX. business move we’ve it XXX, that point amount to we’ve we’re haven’t continue of that’s where kind – some kind those. with we’ve still of the to some reached opportunity of monitor our We that XXX, what up trying to we’re the we’ll have we’re we to where and

Steve Rudd

into another one, Fair now, And enough. have hop question back if the the one. ask is I’ll I’ll queue and if there for last Okay. I

going pricing, course. of we’ve can that number So to two the inflation your Rob, we pricing, that as well, forward, in mentioned, as demand elements up of – increases terms come with paradigm both and is I this

put Are are seeing some to a into and power So I we that already have we going summer, the I’m pricing charge more. of that put we – still and but for pricing we end – think forward. able bit wondering the how your were looks can

Rob Sandlin

in if then and especially long of Yes. in – energy, stable. is you’re I that think with really It’s pricing that, less and in not – realm food just we that resistance, if price you met range, pretty we a staying CPI as as have stay lot use

good I XX over on think years, push timing. we’re along bit we months, pricing of that the because depending two a able did to the last the

on And we’re we’ve And so new is. having market I business, rates. at successful are – and to adding the business say this new then year freight been where see what favorable pretty would

Steve Rudd

All right. always, thanks up, something for right. and the work. hard pops All Okay. as star Well, else I’ll terrific press one. If

Rob Sandlin

the Thank you. Appreciate question.

Operator

Thank you.

next Dennis is question Steven [ph]. Your coming from

Your line is live.

Unidentified Analyst

visit I’m and a delivering. your Zurich the to great in truck was as I I one it had Sarasota. went time.

curious. You really guys are

supervisor was You who safety fantastic. have a

– dedicated. little very impressed, feel was a company. for driver truck Your pretty a got I feel the I’m and

that. thinking was Now what I truly know I is. rock Florida about

them really up question to what are get story the you and diesel how out? to you going Florida watch the is, I shareholder, gas. – to and to Here a rock, And wasn’t really my deliver I your am

Rob Sandlin

good go and think out about. We talked COVID. there fix this out story we as a were we’ve recently told We you It’s didn’t Well, year, had tell. We – to coming I great the and had something things really of that’s a rightsized to up trying were company. think in weren’t We others. question. we’ve we until

road that go talking we now. to do out we conference whether And we’re going investor or it’s and an so to go something How whether that’s are about get show. a

something do And able do better that. lot without I moving certainly, best direction giving to something that’s that our a be think timing go numbers And trying are determine to like specific. to the so anything in to we’re that

Matt McNulty

the be we through We close don’t as have fiscal year. will on it it anything specific yet, Steve, but radar this

Unidentified Analyst

kind the and companies I you. like an schedule interesting. it like I stuff. – know was invest something delivery very in. to Thank a this I it’s interest It was about of like – XX-minute was really it doing more

Matt McNulty

good. Well Thanks that. for doing

Rob Sandlin

Appreciate your interest.

Unidentified Analyst

again. thanks Well,

Rob Sandlin

again. Thanks

Operator

Your Olesen next from Christian from Olesen is Fund. question coming Value

Your line live. is

Rob Sandlin

Hello, Christian.

Christian Olesen

question. Thank the taking for Hey there.

the backlog late, of mentioned if call have and Sorry, offer so someone pop seen think rates I customers. on before, to Have that aggressive they that? been this previously in jump I many asked apologies to very your there some had the any in and but mom you you’ve already of change

Rob Sandlin

costs times. raised real We’ve any seen in pay change behavior pricing I we’ve Their up are mean, up. driver our are I’ve that costs obviously, know their lot. at raised up, don’t I our our a up.

So every raise they’ve or had prices to their day. they’d money be losing

they return So cost a that and got the criteria investment have they little do. different same on structure bit maybe don’t we

a drivers thing in is maybe situation base and When customer you hauled a the demand – products getting through the But your other little a go changed is where are that’s becomes premium. bit. short

shortage a long also to and chosen or to Some stomach run the quality with that customers have of be partner those and know provide them driver pandemic service. the them stomach with for the to wherewithal they’re people with going they have there continue

maybe things. so and if combination our maybe some is, competitors much I don’t a mindset is customers’ mindset of our is what what know those of So two it’s

Christian Olesen

mentioned little Okay. they different structure, so? bit And competitors. a cost the you How smaller have

Rob Sandlin

them Well, really. what they’ve two is usually becomes business. in cash the three flow that are And operations, keen I by those family running mean family there that for or frankly, and members run got

XXX size truck depending different so operation, And if up you operation a on truck story. obviously, that’s get is, what your XXX to or

different than small – a we we can model than a to you’re customer you’re that’s But to are. can we lower trying that little because if you’re the are, you trying you’re operation what – little not probably XX-truck a XX-truck, be sell and same priced

on a We’re provide trying investment. to return

invest We’re trying to future. the for

they’re they’d really sometimes, or just doing And not but maybe that, to can’t. they that love be doing

perspective. So all from it’s really that over the board

Christian Olesen

Okay.

So that trying to in of make a the run. bit sometimes they short just may little money be

Rob Sandlin

Yes.

Christian Olesen

And larger competitors? behavior? your how change in their about Any

Rob Sandlin

No.

you And that than now. cyclical a dry more as transportation. stable a seen you sure is spot pretty is business the from their the market container segment during depressed shortage think follow I’m they ours the it, in those van are stories rates I Georgia standpoint. business, And driver Those it’s price. the lot that are pricing in pandemic. during and I trucking and of right in trucking freight about highest going probably you’ve the obviously, that And of of hearing keep and ever they’ve industry the heard now, been Savannah North to right quadrupling

stuff they’ve any business, prices also where come pre-pandemic kind spot were close to now see that but seen back we in of of don’t our their they is on what down didn’t see the seen we they’ve probably rates. Well,

So a little more from that standpoint. predictable it’s just

so marketplace. there seeing is I out think And a what I’m fairly responsible

Christian Olesen

or seen Tank in to particular. you Have distress industry? the in financial increasing industry Yes. any truck desire sell

Rob Sandlin

not what’s No, we’re their for public really with us see out again, And not hard it’s really. really to going guy on the there. financials only because

So you in know trouble. really trouble until don’t in these is that companies they’re of one generally,

Matt McNulty

them. buys Somebody

Rob Sandlin

or hope. It’s them have and rates folks try points some know they long. these for interest buys to sell, waited what I to believe and to – equipment hard causing too are Somebody they’ve just are pain buy need were number. – with That’s Trailer pre-pandemic prices a trailer to numbers. inflation up and over probably having finance petroleum – prices $XX,XXX their to that equipment big along

Christian Olesen

And ongoing operators. some you Yes. have with of dialogues these

try And of generally truck M&A other or you last in dialogue so? the tank have the you acquisitions I you do make Are think any much are that in that’s some you’re balance so is place industry the taken sheet point. to aware with to be operators? to year able net in the hoping some cash – because in reason on you be at

Rob Sandlin

segment we’re board the have of smaller regional members competitors of on market, the the some carriers. I’ve area. in in couple and very people been of of a all Certainly, National Tank much in Chemical There’s in in and our seen of of that, the there I M&A involved our small Most industry, and I’m mean, not activity the folks. been dialogue. ones are we’re larger actively know Truck I them. especially and regional part a the in our

have shying of we’ve at anything opportunity. a the of we from looked fit but right acquisition things, haven’t seen just money not – we was that the just this right We we’re point. couple at – So amount away for and

Christian Olesen

the or this you will do Or M&A And to it’s consider over foreseeable mean balance see to or Yes. or plans the something board any for shareholders? you the opportunities the future? sheet I cash a have on so, continue much Board months to the money if think year do returning that you next don’t

Rob Sandlin

I had have the that. I haven’t to about ask discussions any would Board that.

down we’re So we to on and over just keep that. our the anticipate to have the distributed mean can’t to opportunity an really answer doing. board already, years. for with two, I of do what what a wouldn’t And run the doing I the one. board to we’ve go our And lot wants road But that. I cash that us. hopefully, we business last I back want think, there’s just three

Christian Olesen

Got it. you much. All very right. Thank

Rob Sandlin

you. Thank

Operator

Thank you.

is Jason from question next coming Your Ursaner.

Your is live. line

Jason Ursaner

afternoon. Good

Rob Sandlin

how you? are Jason,

Matt McNulty

how Jason, you? are

Jason Ursaner

too. voices hear call to some the Good Good. on here other

years couple mean things Just pay the I increases. you kind driver shortages, of adding with mentioned spending the of some together. a

you the the getting you your pandemic question and through story had And to of work everything. about You’ve out had with a have there. lot issues

like new of a the of kind now given on kind on a the kind the maybe and are of where predictable. kind market – kind turned again, feel in called Just think you’ve page I I of position of story the you of of of where the throughout some do some more mean, page couple that that kind that predictability, turning like successfully guys last But little stuff a years you of you overall, just – you year given profitability consistent have navigated? you

Matt McNulty

The I We will a how we what’s of were like – kind going of then – your so of talked you we’ve we yes, up. driver kind were corner. know? to down. answer things up. years per count ago. it’s So short go about back I that going continuing the question, is feel talked It’s turned And mile through think think of couple what’s we going we the instead to I and plan, Rate

Our miles positive negative. a go versus are in starting direction to the

targets see ugly point, its second, were this this we to in So all this the third stable it’s head. now those of And looking a at have those know that happened something about right market of kind around. don’t were the we do turn we And key unless year. quarter rears of of kind

Rob Sandlin

downsizing with had. obviously, pandemic. say this for everybody Yes, was Rob. we’ve business And been COVID we were – even big about piece got got plan all before that. and of – our is the as I started And I did to what that would talking then we right a we think deal game we on

a But lot partnered growing have some coming got the that our we be those of our truck make also return really we’ve plan I to think our frankly, of this number on aggressive goes back the And understand we’re built, out And And pretty we’ve of of the customers even business working. are them stores and plans there’s and to a adding investment. convenience EV more. that, are with them. appreciate seems we’ve a stores partners stops kind to out that who that we there together of good grow to that had with put lot game earlier, being that question some

sure do far we to not that the And capacity a are and if feel But as to have comes that’s wide is slowly we’ve take question. the feel driver to do. search strategic it’s like business. partnerships We what along we acquisition position that where And on we’ll use to to right the coming in of a we’ve And our we like it is to for like well. really gotten capacity strong. that continue to so then do the feel cash we we And market-by-market any wanted business. in kind we’re to an time. for as have certainly just at like business And grow now driver opportunity add done we’d what

Jason Ursaner

great. Okay, was Thanks. comment. the it. Appreciate That

Rob Sandlin

Thank for you. Thanks the question.

Operator

[Operator Bruce Oppenheimer. from Your coming next Olephant Instructions] you. question Thank from is

line Your is live.

Bruce Olephant

Guys, quarter. on congratulations Thank another you. great

Rob Sandlin

Thanks, Bruce.

Matt McNulty

Thanks, you’re Bruce. Hope doing well.

Bruce Olephant

said wanted quarters two, a Thank have ask now, call $X.XX quarter on it’s something I you mixed – three sort to And on of that during the a I we – up. I see you is picking a in up you. the note, weak think because like I you the little if you question began you elaborate and share And wondering earnings. could then The wanted that you to said got on what just quarter. I was just

Rob Sandlin

to want that. don’t I overcomplicate

I hot. been was related. – saw really a this as And mostly it’s really, little simple business, Florida we what weather be think just really softer on June I was as during – it was petroleum has been could year think it just and

with to summer. just And not slow it’s so nothing sitting unusually around an – maybe do. It’s not we’re

just there’s than And had opportunity XXX%. and really – side, for kind business this the running of cement slower been at hoping throughout we hoped, some We’re growth has year. then that on we times were we’re not

months kind changed focus our of of last that five in on we’ve business. And side four, the our marketing

capacity we that into. people and in grow grow try to because that getting can some we’re more to trailer markets more areas, talking more we out there terminals, so more that have to And business

that XX because a So it’s we’ve last been we’re I thing see comment days, as long-term busy. though – something as wouldn’t we darn pretty week that or take the

So I wouldn’t that. into too read much

Bruce Olephant

the is the as quarter that is the you that – thing and would seasonality right, The far quarter? second that other say as of fourth the earnings like first more your go, first

Matt McNulty

the first like quarter again, it more what? Say the

Rob Sandlin

The fourth quarter.

Bruce Olephant

In goes? first say quarter as you second would fourth more and like is your as that other words, earnings seasonality far quarter your

Rob Sandlin

quite then great, So of and not our may it quarter miles second March quarter off will so third on Kind standpoint our but some goes high September, strong. fourth volume be revenue, us the where closer is a level February same really your quarter, seasonality January, a fall thing to from on standpoint. aren’t our in as business for on but typically

fairly there you’ll one similar, the month there have So but be quarter. I’d would say summer compared what the a little that’s it’s to third softer in

Bruce Olephant

your that by is third saying followed you’re So quarter fourth. your your quarter, traditionally best

Rob Sandlin

Yes, yes.

Bruce Olephant

So share now is saying a what basis, trailing earnings XX right I’m at on because your this $X.XX. is per

– So easily – we make than better that a earnings? finish rather forecast in there in it words, company other it’s can it’s the $X.XX year about will the

Rob Sandlin

We’re the you do going as do provide but normally can. that, to let we as much we’ll We don’t you information forecasting.

Matt McNulty

and process revenue factors More just miles. than to

those necessarily So the have might your are equipment. gains book of on costs or matter, actuarial too, to We not and completely because always same losses. we insurance sales might have gains

Bruce Olephant

value is right book your And a about at now $XX share.

Matt McNulty

It’s X.XX.

Rob Sandlin

Yes, I saw that earlier today.

John I think wrote it done said. when you

Matt McNulty

$X.XX.

Rob Sandlin

$X.XX.

Bruce Olephant

very you much the up All work. Guys, keep good thank right. Okay. and

Rob Sandlin

thank right, you. All

Operator

the in questions queue. further no are There you. Thank

Rob Sandlin

in you. look forward talking you interest Okay. Great. with appreciate quarter. next to We Transportation Patriot your Thank and

Operator

everyone. concludes Thank you, This today’s event.

You this for a your and time, may at wonderful have you day. participation. disconnect Thank

Patriot Transportation Holding (PATI) 3 Aug 232023 Q3 Earnings call transcript